The marginal tax rate can be calculated by which of the following formulas?
A) the change in taxes due divided by the change in taxable income
B) the change in taxable income divided by the change in taxes due
C) total taxes due divided by total taxable income
D) total taxable income divided by total taxes due
A
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The gap between Federal expenditures and Federal revenues after 1980 was caused primarily by
A) the recessions which occurred in the 1980s. B) a substantial decrease in Federal revenues. C) a substantial increase in Federal expenditures. D) rising interest rates which made caused investment and growth to collapse.
The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT
A) consumer income. B) the price of the good concerned in the law of demand. C) the prices of substitutes. D) tastes and preferences.
One of the basic trade-offs inherent in designing a tax system is between:
A. surplus and revenues. B. supply and demand. C. efficiency and equity. D. price and quantity.
If real GDP increases and the price index also increases: a. nominal GDP must also have risen
b. nominal GDP must have fallen. c. nominal GDP could have either risen or fallen. d. the percentage increase in nominal GDP must have been greater than the percentage increase in the price level.